FT News Briefing India ramps up lending to counter China
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Dec 19, 2022 India is boosting its infrastructure spending in neighboring countries, positioning itself as South Asia's preferred lender against China. Meanwhile, the EU has announced a groundbreaking carbon border tax, marking a significant shift in climate policy. The rise of generative AI is stirring excitement and skepticism, as new tools like ChatGPT are set to redefine job roles and industries. As the AI landscape evolves, the role of 'prompt engineers' is emerging as essential for effective content creation.
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India vs. China Lending
- India portrays its lending as aid to the Global South, contrasting with China's approach.
- Modi emphasizes respecting sovereignty and avoiding debt traps, unlike China.
India's Lending Strategy
- India increases overseas lending to boost diplomatic influence, countering China's Belt and Road Initiative.
- This strategy focuses on neighboring countries and the Indian Ocean region.
Maldives "India Out" Campaign
- In the Maldives, opposition parties launched an "India Out" campaign, criticizing Indian infrastructure projects.
- They argue these projects serve India's military interests, raising concerns about India's influence.